Taking permie job, advice on LTD company

[SantaClaus]

I'm sure this has been covered before.

Make a capital distribution. Not sure if taper relief still applies as previous poster said

Anything that cannot be done as capital distribution should come under you're capital gains allowance.

[Gonzo]

On the first part I would suggest you close down the company and withdraw the funds in the most efficient way you can while you are still in the UK.

I looked into the same thing because I have moved to a jursidiction where there is no Capital Gains Tax so I thought I might be able to withdraw the money when I was no longer in the UK and pay no tax at all.

But it doesn't work like that because the company would have been treated as becoming resident in the new country with me where the withdrawal would have been treated as income and taxed accordingly.

The local accountant that I consulted said (over the phone but not in his written advice ) that the local tax people would probably never find out, but in the end I have kept everything legit.

We have been given permission by HMRC to close the company and Extra Statutory Concession C16 can be applied so the cash withdrawn can be treated as capital.

What you won't be able to do is to start new companies doing the same type of business and keep asking for that concession, but if you start a new company and don't hoard your cash in it this time then that shouldn't be an issue.

[oracleslave]

Anyone got any advice?

What does the accountant say? Am no expert but personally I would close it down and get the money out. Not sure if taper relief applies but you may be able to take advantage of that (again ask the accountant). It's so easy to start up another company if you do contract again in a couple years I would just close the existing one down.

Not sure about the travel card question but for the mobile I would just continue to use it whilst the accountant is in the process of winding the company up and then just stop the contract in June.

Of course there are likely to be far more knowledgeable suggestions than mine!

[snaw]

Anyone got any advice?

[snaw]

Well. Got any?

Actually more specifically.

I got a stack of cash in the company - my long term intention was to always leave the UK at some point (For good, the wife is aussie) and use tax years ending/starting or go somewhere tax is minimal for a bit and pay the lot out as a lump sum.

That's probably not gonna be happening for at least a year now.

Any advice on how I should proceed here, keep the company open/close it (I might take up contracting again after a year of permie, in fact it's pretty likely if things pick up again). Though I suppose I could register one in my wife's name.

Also thing like a company mobile phone etc - how best to proceed given I'm locked into a deal till June?

And finally - how risky would I be buying a 1 year travel card now before I start new job?

Cheers for the advice in advance, anything useful is much appreciated.